State three reasons why the actual inventory may differ from the balance in the inventory account.

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CHAPTER5 Reporting and Analyzing Inventories Short-Answer Assignment Fill in the following items: Describe a consignment arrangement A consianment aqreement is an agreemen between p Consianee and consignor resale and use ot the commodtty. o the stoage, transfer, Saley of . State three reasons why the actual inventory may differ from the balance in the inventory account. . Describe each of the inventory cost flow methods/assumptions Specific Identification: 5pecitic Pay Knpws eaty hour may ot each apds broughtspeic ates remained at year end inv FiFo (Fust-In, Frst-Dut) Aswmes that nentery ts are sol n the order acquired. Whe f the eastest units acqvired are chaged to ost ofgpeds se FIFO n sales occur, the costs o LFO (Last r, First-at) Assumes that the most went Purchases more sec are Charge and the osts of the earlest purchases are assigned to inventory Weighted Average.(Also, Called Avepa ust) Reaies that we se average ust per unt of wwentory at the e o the period average cost per unt equals theast of a ods available for sale dde by the ums awlable Weghtevenag Asunts costs Fl at an average the costs availabe